Amortization Schedule You will be creating an amortization schedule for a house on the market. To...

Amortization Schedule
You will be creating an amortization schedule for a house on the market. To do so, you will need the principal amount, the interest rate, and the amount of years you will borrow the loan. The amount you put as a down payment is up to you, but it can range from a minimum of 3.5% for an FHA loan or 5% for a traditional loan to a maximum of whatever. Traditionally you only need to go as high as 20% to avoid any extra fees or mortgage insurance from a low down payment. So, pick a number from 3.5% to 20% for your schedule.

Requirements:
⦁   An amortization schedule with years from 15 to 30.
⦁   The schedule should be made in excel.
⦁   Research and find a house on a real estate website. Include a link to the house or a screenshot of its price in the submission screen.
⦁   Research banks and find the current mortgage rate for your 15 or 30 year loan. Include a link or screenshot in the submission screen.
⦁   Formulas used for finding numbers.
⦁   All rows should be made until the payments would be complete.
⦁   Include the same information above the schedule as seen in the sample schedule.

Solutions

Expert Solution

The formulas used in row 10 will be copied across the coloumn. The above method is using monthly payments.

The above method is using annual payments, and an effective annual interest rate.

jeff jeffy answered 2 years ago

Next > < Previous

Related Solutions

MORTGAGE AMORTIZATION: Suppose you are considering buying a house with a market price of $350,000. You...

MORTGAGE AMORTIZATION: Suppose you are considering buying a house with a market price of $350,000. You plan on making a down payment of 20% and financing the remainder using a fully amortizing, 30-year, monthly payment mortgage with a fixed interest rate of 4.50%. Assuming your first payment is due exactly one month from today... • What is your required monthly payment? • During the first five years (i.e., 60 months), what is the percentage of your total payments which go...

AMORTIZATION SCHEDULE a. Complete an amortization schedule for a $25,000 loan to be repaid in equal...

AMORTIZATION SCHEDULE a. Complete an amortization schedule for a $25,000 loan to be repaid in equal installments at the end of each of the next three years. The interest rate is 8% compounded annually. Round all answers to the nearest cent. Beginning Repayment Ending Year Balance Payment Interest of Principal Balance 1 $ $ $ $ $ 2 3 b. What percentage of the payment represents interest and what percentage represents principal for each of the three years? Round all...

Amortization schedule Set up an amortization schedule for a $36,000 loan to be repaid in equal...

Amortization schedule Set up an amortization schedule for a $36,000 loan to be repaid in equal installments at the end of each of the next 3 years. The interest rate is 6% compounded annually. Round all answers to the nearest cent. Beginning Remaining Year Balance Payment Balance 1 $ $ $ 2 $ $ $ 3 $ $ $ What percentage of the payment represents interest and what percentage represents principal for each of the 3 years? Round all answers...

In this program you will develop an application that will display an amortization schedule.

Using Anaconda Python, program the following:OverviewIn this program you will develop an application that will display an amortization schedule. The word "amortize" means to "To write off gradually and systematically a given amount of money within a specific number of time periods." It will show, for each month of the loan, how much of your monthly loan payment is being applied towards interest costs, and how much is actually being applied to reduce the outstanding balance (principal) of your loan.The...

Amortization Schedules This project requires you to create an amortization schedule for two types of loans,...

Amortization Schedules This project requires you to create an amortization schedule for two types of loans, a fully amortizing constant payment mortgage (CPM) loan and a constant amortizing (CAM) loan. In your report, compare the amortization schedule of the CPM and CAM loans (How are they similar? How are they different? Which would you prefer and why?) Part 1: Monthly Payment Consider a $10,000 loan made at a 12 percent annual (nominal) rate of interest for 3 years. A) Calculate...

Question: What is an amortization schedule?

Question: What is an amortization schedule? Waht is the use of amortizatio schedule?

An amortization schedule is a common concept within a banking enterprise. Create your own amortization schedule...

An amortization schedule is a common concept within a banking enterprise. Create your own amortization schedule for a $10,000 loan with monthly payments paid over two years. Assume the annual percentage rate (APR) is 4%. Create the amortization schedule within Excel or another spreadsheet application. Use page 184 as a template. Keep in mind that the example on page 184 uses annual payments, while your schedule will use monthly payments. You will need to adjust the number of payment periods...

Finance- Amortization Schedule Create the amortization schedule for a loan of $5,000, paid monthly over two...

Finance- Amortization Schedule Create the amortization schedule for a loan of $5,000, paid monthly over two years using an 8 percent APR.

Problem 5-50 Amortization Schedule (LG9) Create the amortization schedule for a loan of $4,300, paid monthly...

Problem 5-50 Amortization Schedule (LG9) Create the amortization schedule for a loan of $4,300, paid monthly over two years using an 9 percent APR. (Round your answers to 2 decimal places.) Month Beginning Balance Total Payment Interest Paid Principal Paid Ending Balance 1 2 3 4 5 6 7 ...

Problem 5-49 Amortization Schedule (LG9) Create the amortization schedule for a loan of $14,000, paid monthly...

Problem 5-49 Amortization Schedule (LG9) Create the amortization schedule for a loan of $14,000, paid monthly over three years using a 9 percent APR. (Round your answers to 2 decimal places.) Month Beginning Balance Total Payment Interest Paid Principal Paid Ending Balance 1 2 3 4 5 6 7...

Subjects